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BOC Proposes A-Shr Issuance to MOF, Targeting Max. RMB165B Fundraising
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BANK OF CHINA (03988.HK) (601988.SH) announced a proposal to issue A-shares to the Ministry of Finance (MOF), aiming to raise up to RMB165 billion. The net proceeds will be used to bolster its core Tier 1 capital. The issuance price is set at RMB6.05 per A-share, with a total of 27.273 billion shares to be issued, representing no more than 30% of the bank’s total share capital prior to the issuance. The shares will be subject to a five-year lock-up period. As of the end of last year, the bank reported a core Tier 1 capital adequacy ratio of 12.2%, a Tier 1 capital adequacy ratio of 14.38%, and an overall capital adequacy ratio of 18.76%, topping regulatory requirements by 3.20, 4.38, and 6.76 ppts, respectively. However, amid narrowing net interest margins, the bank noted that its endogenous capital replenishment has faced temporary constraints. Raising core Tier 1 capital through external financing is expected to establish a more robust capital buffer, further fortifying its capacity for stable and sustainable development. AAStocks Financial News |
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